Entries in blockchain
(12)

In the prior post, I explored how blockchain stores personal information on an immutable ledger and cannot be modified or erased to meet GDPR requirements. In this post, I'll discuss strategies available to blockchain operators to help manage risks posed by GDPR.

The General Data Protection Regulation (GDPR) came into effect in May. With the risk of hefty fines, it's no surprise that GDPR compliance tops the agenda for many organizations. But one area of technology faces even greater challenges under GDPR: blockchain.

It's increasingly important to understand the way disruptive technologies such as blockchain, cryptocurrencies, artificial intelligence, and big data are already impacting and will continue to shape how compliance systems work.

Malta's Prime Minister Joseph Muscat has described his country as the global trailblazer in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.

Canada has emerged as one of the cryptocurrency and blockchain centers of the world. Canada’s dominance in blockchain innovation stems in part from Toronto being home to Vitalik Buterin, the inventor of Ethereum Blockchain, which is the globally most adopted platform that supports ether (ETH), the second highest cryptocurrency valued at $63 billion.

With Vitalik Buterin, Ethereum Blockchain’s principal inventor residing in Toronto, Canada it is no wonder that Canada ranks third in the world behind the United States and the United Kingdom when it comes to blockchain technology adaptation.

The U.S. government and several of its agencies have been evaluating blockchain technology as a preventative measure against corruption that may distort the fair awarding of public procurement contracts, reduce the quality of basic public services, limit opportunities to develop a competitive private sector and undermine trust in public institutions.

While digital currencies -- Bitcoin or one of its many variations -- continue to make inroads into payments markets, many companies, financial institutions, government bodies and others are still playing catch-up.